Starling Bank has been granted approval by the PRA and FCA to offer customers a full range of financial products.
The mobile-only bank can now provide its customers with direct access to financial products, including loans, insurance, mortgages, Isas and other investment products, all from the Starling app.
This is the next step in Starling’s plan to use open banking regulations to give financial control back to its customers following its partnerships with companies such as Moneybox, Flux, Yolt and Yoyo Wallet.
These new permissions will enable the bank to deliver the next stage of its marketplace proposition: access to providers of financial services and products within the Starling mobile app.
Anne Boden, CEO of Starling Bank (pictured above), said: “This is a significant milestone in Starling’s strategy to develop a market-leading current account and debit card with a marketplace ‘app store’ that enables our customers to view and select other financial services solutions provided by selected third parties.
“I founded Starling to empower consumers to take control of their financial life, and this licence will allow us to provide customers with easy access to products offered by other financial services companies from within the Starling app.
“This gives customers transparency and choice – something which the big banks have kept from them for too long – and having an open API enables us to accommodate a huge diversity of customer requirements through a selection of financial services providers.
“Following today’s regulatory approval, we will soon be introducing new financial service providers to our customers.”
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